Season 5 Beginner Course //The Genesis Block// Steemit Crypto Academy S5 - Homework Post for Task 3 by @ oshimadu

Hello professors and dear friends. Continuing with the tasks for beginners in the Cryptoacademy,
This time I present Task 3 offered by professor @awesononso, where he coherently explains what is related to the Genesis Block created in the blockchains of blockchains.

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Entire question

3a) What is a Cryptocurrency?
b) What is Cryptography and how does it make cryptocurrencies secure?
c) Explore the Steem Genesis Block and Sign in as proof of completion.

01 What is a cryptocurrency?

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The definition of cryptocurrency can be somewhat complex given the different uses for which it is intended. However, these came to revolutionize and make our financial system simpler and safer.

A cryptocurrency is still a currency, but we cannot feel it physically, if it exists, but in a virtual or digital way that works on a blockchain with cryptography. Cryptography is an encryption with codes that keeps the transactions we carry out secret, whether it is the purchase and sale of them.

Cryptocurrencies do not depend centrally on any authority, as happens in the government financial system, that is, they are not issued or controlled by any entity. They are decentralized, and therefore cannot be manipulated or supervised by ordinary banking systems. These functions are exclusive to each of the cryptocurrency owners, as absolute owners of these assets.

In light of this in 1998 the engineer Wei Dai made a description of the ideas of cryptocurrencies, this idea of ​​Wei was based on the foundation of generating a digital currency that was in such a case based on cryptography and that this controlled him ; However, it is until 2009 when the first cryptocurrency was born and inserted into global markets, if the new digital asset would be called Bitcoin by its creator Satoshi Nakamoto after that moment that broke paradigms in the various markets, countless cryptocurrencies emerged, Some booming, and others with full similarity to Bitcoin.

Below are some of the major cryptocurrencies. They are at the major and forefront of crypto.

• Bitcoin
• Ethereum
• Litecoin
• Solana
• Cardano

02 What is Cryptography and how does it make cryptocurrencies secure?

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To understand this concept, the first thing we must know is that the word cryptocurrency is a derivative of the term cryptography, and that is precisely why they are closely related. "Crypto" means that there is something secret or something hidden and "Graph" is nothing more than writing. From this breakdown of terms, we can define cryptography as the issuance of secret messages that only the recipient can decipher or understand.

Thanks to this encryption, cryptocurrencies are secure and this has been the key to their success against any counterfeiting attempt or transactions that involve double spending.

Cryptography plays a fundamental role in the security of the world of cryptocurrencies, and this is due to the use of two types of keys, one public and the other private. The public key is the one that directs to a purse or wallet. The private key is the one used to carry out transactions and keep them anonymous.

With the public key, it is possible to send cryptocurrencies to another user in an encrypted way (hidden) and they can only be decrypted using the private key, without it, the message will remain hidden (encrypted). That is, the private key is necessary to be able to proceed with the theft of these coins.

03 Explore the Steem Genesis Block and Sign in as proof of completion.

I should emphasize at this point that the Genesis block is the first part of the extension to a blockchain, as it is intended to launch a crypto currency or token, and is not rare on this platform as it is functional. It has a Steem Genesis Block.

Step -1

To explore the Steem Genesis block, we enter the site: https://steemworld.org.

Step - 2

In the main menu, we select block explorer.

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Step - 3

We select "ok" for block 1.

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Step - 4

It immediately shows us all the details of the genesis block.

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The data is as follows:

Block details	Results
Timestamp	2016-03-24, 21:05:00
Block Id	0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id	0000000000000000000000000000000000000000
Witness	Initminer

Step - 5

After obtaining the details of the genesis block information, we log in to “Sign in”.

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In this window you can see the login with the user.

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Conclusion

Cryptocurrencies are virtual and decentralized currencies, they are safe thanks to the fact that they work hand in hand with cryptography, an advanced level of encryption art. Our financial vision has taken a great turn that we hope will expand more and more and we can enjoy this great revolution that has positively shocked the world of finance.

Thanks.

@ oshimadu